Posted by MarkB_MI on January 05, 2013 at 05:42:10 from (75.219.91.91):
I'm part owner of some dryland and pasture out in the CO/NE/KS tri-state area. As several folks have noted, farmland prices have skyrocketed across the country in the past few years. In the tri-state area, prices have doubled, tripled, maybe even quadrupled in the past decade. Right now, I'm having trouble justifying to my partners why we should NOT sell the property now. With prices at a peak, it seems very likely the bubble will soon burst.
My question: Where is the money coming from? I understand that much of this land is being snatched up by big-time operators who are paying cash. I also understand that farmers are fat with cash now, with several good years behind them, and are looking for investments that will pay better than current CD rates. But on the other hand, it's hard for me to believe that there is that much cash around. Also, it's even harder to believe that this land can generate a positive cash flow at current prices once you figure in lost investment income.
I tend to believe that the BTOs are backed by foreign investors, possibly from China. But I have no evidence to back it up. Does anyone have some first-hand knowledge to share? No wild conspiracy theories, please.
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